Which of the following is NOT part of the monetary base?
A) currency
B) reserves of depository institutions
C) the public's checking deposits at commercial banks
D) commercial banks' reserves.
C
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When good X is produced, some people benefit. A free-rider problem arises when
a. the number of people who benefit is small and it is impossible to prevent anyone from benefiting. b. the number of beneficiaries is small and it is possible to prevent some people from benefiting. c. the number of beneficiaries is large and it is impossible to prevent anyone from benefiting. d. the number of beneficiaries is large and it is possible to prevent some people from benefiting.
A main function of money is to avoid the problem of double coincidence of wants. This is the
A. medium of exchange function. B. unit of account function. C. standard of deferred payment function. D. store of value function. E. standard of credit function.
In the Keynesian model, investment, government spending, and net exports are treated as autonomous expenditures, which means they are independent of:
A. expectations. B. the price level. C. political processes. D. real GDP.
The demand curve for the product of a perfectly competitive firm is
A) downward sloping. B) upward sloping. C) perfectly inelastic. D) perfectly elastic.